By Admin 
India EU Free Trade Deal: The signing of the India-EU Free Trade Agreement (FTA) on January 27, after 18 years of long negotiations with the European Union, is being considered a historic step. After this agreement, tariffs on about 97 percent of Indian products sent to Europe will be eliminated, due to which India is expected to save customs duty of about $ 75 billion every year. Along with this, there will be a big relief in the prices of European products in the Indian market.
Beer and liquor will be cheaper
According to reports, the prices of beer may be reduced by about 50 percent, while the prices of wine are likely to be reduced by 20 to 30 percent. The biggest change can be seen in the auto sector, where the current tariff of up to 110 percent may come down to 10 percent.
Additionally, the current import duty of up to 50 percent on European food products like pasta and chocolate will be completely eliminated after the FTA, making these products more affordable for Indian consumers.
Looking for alternatives after US high tariffs
This free trade deal of India with the European Union has come at a time when there is increased uncertainty in global trade due to high tariffs imposed by US President Donald Trump and many countries are looking for new markets. Indian exports have suffered a major setback due to the imposition of high tariffs of up to 50 percent on India by America. It is in this background that the India-EU FTA was announced after intensive talks between high-level delegations from both sides.
Earlier this month, the European Union had signed an agreement with Latin American countries and indicated that it is looking for new trading partners beyond traditional partners. In such a situation, this deal with India is considered strategically important for both, which is a big step towards alternative and stable markets in the changing global trade scenario.
After FTA with India, the European Union now aims to eliminate tariffs on 96 percent of goods by 2032. This will save about 4 billion dollars annually.
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